The Future of Money in 2020 - TSYS

The solution is not one many credit unions may want to hear —
hard work and marketing.
$18,000-$20,000 annually on
marketing. “You have to go at
this with all forms of marketing —
online, newsletters, lobby posters,
handouts, cross-selling at teller
stations, running balance transfer
specials, special rates and no-fee
promos. You have to entice this
group to bring them back.”
Kolk assures that there will be the
‘easy gets’ up front, but what will
make the program pay off in the long
run is differentiating the card from
the competition, tailoring the card
to the needs of the membership and
careful underwriting. “The card has
to add value to the member in the
way they see it. Some may be ratefocused,
some rewards-focused,
some will respond to outstanding
local service.”
Kolk advises that CUs conduct
research to first determine the one or
two unique needs or characteristics
of their membership, tailor the card
to those, and then market, market,
market. Staff also must be trained
on these selling points and how to
stress them during conversations
with members. “There will be
members who want a third thing,
but until you have the first two
locked in, better to leave the third
for later,” says Kolk.
33 n>genuity Fall 2012